Question 31) A state probability when equ

25 May Question 31) A state probability when equ

Question
31) A state probability when equilibrium has been reached is called

A) state probability.

B) prior probability.

C) steady state probability.

D) joint probability.

E) transition probability.

32) In Markov analysis, the likelihood that any system will change from one period to the next is revealed by the

A) cross-elasticities.

B) fundamental matrix.

C) matrix of transition probabilities.

D) vector of state probabilities.

E) state of technology.

33) Occasionally, a state is entered that will not allow going to any other state in the future. This is called

A) status quo.

B) stability dependency.

C) market saturation.

D) incidental mobility.

E) an absorbing state.

34) A collection of all state probabilities for a given system at any given period of time is called the

A) transition probabilities.

B) vector of state probabilities.

C) fundamental matrix.

D) equilibrium condition.

E) None of the above

35) In a matrix of transition probabilities (where iequals the row number and j equals the column number),

A) each number represents the conditional probability of being in state jin the next period given that it is currently in the state of i.

B) each number represents the probability that if something is in state i, it will go to state jin the next period.

C) the number in row 3, column 3 represents the probability that something will remain in state 3 from one period to the next.

D) the probabilities are usually determined empirically.

E) All of the above

36) In a matrix of transition probabilities,

A) the probabilities for any column will sum to 1.

B) the probabilities for any row will sum to 1.

C) the probabilities for any column are mutually exclusive and collectively exhaustive.

D) All of the above

E) None of the above

37) In Markov analysis, to find the vector of state probabilities for any period,

A) one should find them empirically.

B) subtract the product of the numbers on the primary diagonal from the product of the numbers on the secondary diagonal.

C) find the product of the vector of state probabilities for the preceding period and the matrix of transition probabilities.

D) find the product of the vectors of state probabilities for the two preceding periods.

E) take the inverse of the fundamental matrix.

38) In the long run, in Markov analysis,

A) all state probabilities will eventually become zeros or ones.

B) generally, the vector of state probabilities, when multiplied by the matrix of transition probabilities, will yield the same vector of state probabilities.

C) the matrix of transition probabilities will change to an equilibrium state.

D) All of the above

E) None of the above